Credit card has become an important part of life today. With its help, people can easily do shopping, book tickets, book hotels, and even order food. The use of credit cards is increasing every day in the country. In this situation, Punjab National Bank (PNB) is planning to expand its credit card business from November. The bank has said that its new IT system will be ready by then.
Bank MD Ashok Chandra said that right now PNB’s credit card is not very visible in the market, even though its features are equal to other cards. While talking to PTI, Chandra said that the bank has made the credit card division stronger. A general manager has been given charge of this. Along with this, the bank is also upgrading its digital system. Chandra said, “The new IT system will be ready in the next 3 months. I am sure that from November or December, PNB’s credit card business will become fully active.”
Internet and Mobile Banking to Improve
According to a report in Business Standard, Chandra said that the bank is also working to improve internet banking and mobile banking services. The PNB One mobile app for retail and current account customers will get new features.
Chandra said, “Our mobile app is better than before, but now we are adding new AI models to it. The new app will launch by the end of September. It will be easier and more convenient for customers.” He also said that the bank’s business mobile app will soon come with a new version. The aim of these digital changes is to make processes better and improve customer experience.
What is a Credit Card?
A credit card is a plastic card, similar to a debit card (ATM card). With a debit card, we withdraw money from our own account. But with a credit card, we spend by borrowing money from the bank or NBFC. At the end of the month, a bill is given for the spending, which must be paid by a fixed date. If not paid on time, interest is charged on the pending amount.
Using a credit card too much can increase financial pressure. Normally, only 30 percent of the card limit should be used. But since the money does not go directly from our account, people often spend more than 30 percent. Later, it becomes hard to pay back. If the full amount is not paid, a penalty is added to the balance. This makes the financial burden bigger.